US: Powerball jackpot reaches $535 million

  19 August 2017    Read: 623
US: Powerball jackpot reaches $535 million

The national Powerball jackpot has swelled to $535 million. The pot increased by $25 million throughout the day Friday and is expected to grow even further ahead of the 10:59 p.m. ET (0259 GMT) drawing Saturday night.

The odds of winning the jackpot are infinitesimal. The game calculates that an individual has a one in 292,201,338.00 chance of winning.

Should someone be lucky enough to win, about 40 percent would go to the federal government with an additional percentage to state taxes. The state tax cut varies by jurisdiction.

New York state takes the biggest percentage, taxing winnings at 8.82 percent, according to usamega.com, a website that tracks lottery news.

California, Delaware, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming do not assess taxes on lottery prizes, according to the website.

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